The Buckle, Inc. announced that sales for the five-week period ended July 5, 2003 increased 2.9% to $29.7 million from sales of $28.9 million in the corresponding five-week period ended July 6, 2002. Comparable store sales decreased 1.0% from comparable store sales for the prior year period.
Net sales year-to-date, for the 22 weeks ended July 5, 2003 increased 2.8 percent to $135.2 million from $131.5 million for the corresponding 22 weeks in the prior year. Comparable store sales year-to-date were down 0.7 percent from sales in the same 22-week period of the previous year.
During the five weeks ended July 5, 2003 the Company purchased 20,000 shares of the Company’s common stock at an average price of $17.78 per share. These shares were purchased pursuant to the corporate stock repurchase program authorized by the Board of Directors on December 27, 2000. The Company has 214,375 shares remaining to be purchased to complete this authorization.
The Compensation Committee of the Board of Directors of the Buckle, Inc. also announced its approval, subject to shareholder approval, of granting 169,840 shares of performance-based restricted stock to certain key members of management. The total estimated value of these restricted shares will be approximately $3.3 million.
These shares are restricted based upon the Company attaining certain financial performance goals set for the last three quarters of the current fiscal year, which ends on January 31, 2004. If the Company achieves the performance goals set, the shares granted will then vest on January 29, 2005, which is the last day of the Company’s 2004 fiscal year. The Company anticipates recording the associated compensation expense ratably through the completion of the vesting period. It is anticipated that the basic and diluted earnings per share will be impacted by approximately three cents per share for fiscal 2003 and six cents per share for fiscal 2004.
